WEIS MARKETS REPORTS FIRST QUARTER 2022 RESULTS

Rhea-AI Summary

Weis Markets (WMK) reported a 9.4% increase in comparable store sales for Q1 2022, reflecting strong financial results despite inflationary pressures. Net sales rose to $1.1 billion, a 9.7% increase year-over-year. Net income jumped 29.4% to $31.4 million, with earnings per share at $1.17, up from $0.90 in 2021. The company maintained stable gross profit margins and effectively managed expenses, showcasing the commitment of its associates in a challenging market influenced by the pandemic.

Positive

• Comparable store sales up 9.4% year-over-year.
• Net sales increased to $1.1 billion, a 9.7% rise from Q1 2021.
• Net income rose 29.4% to $31.4 million.
• Earnings per share increased to $1.17 from $0.90 in 2021.
• Stable gross profit margins despite inflationary pressures.

Negative

• None.

Company's first quarter comparable store sales increased 9.4 percent

SUNBURY, Pa., May 2, 2022 /PRNewswire/ -- Weis Markets, Inc. (NYSE: WMK) today reported its financial results for the 13-week first quarter ended March 26, 2022.

"We continued to build on our momentum in the first quarter, when we generated strong comparable store sales and net income increases. Despite significant inflationary pressures, we were able to maintain stable gross profit margins and effectively manage expenses," said Weis Markets' Chairman, President and CEO Jonathan H. Weis. "These results reflect the hard work and dedication of associates at every level of our company. They have helped us navigate the challenges of a pandemic-impacted marketplace while generating first quarter results that exceeded last year's performance and our current year expectations."

First Quarter 2022 Results

Net sales totaled $1.1 billion for the 13-week first quarter ended March 26, 2022, compared to $1.0 billion for the same period in 2021, up 9.7 percent. First quarter comparable store sales increased 9.4 percent on an individual year-over-year basis (accelerating sequentially from the fourth quarter 2021 increase of 6.9 percent) and increased 10.8 percent on a two-year stacked basis.

The Company's first quarter net income totaled $31.4 million compared to $24.3 million in 2021, up 29.4 percent. First quarter earnings per share totaled $1.17 compared to $0.90 per share for the same period in 2021.

About Weis Markets

Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia. For more information, please visit: WeisMarkets.com or Facebook.com/WeisMarkets.

In addition to historical information, this news release may contain forward-looking statements, which are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.  Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected.  For example, risks and uncertainties can arise with changes in: competitive and reputational risks; financial, investment and infrastructure risks; information security, cybersecurity and data privacy risks; supply chain and third-party risks; risks created by pandemics (including the ongoing COVID-19 outbreak and the related responses of governments, consumers, customers, suppliers and employees); and legal, regulatory and other external risks.  Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof.  The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof.  Readers should carefully review the risk factors described in other documents the Company files periodically with the Securities and Exchange Commission. Management is also providing a two-year stacked comparable store sales analysis, a non-GAAP measure, because management believes this metric is useful to investors and analysts.  It is not recommended that the two-year-stacked analysis be considered a substitute for the Company's operating results as reported in accordance with GAAP.

WEIS MARKETS, INC.
COMPARATIVE SUMMARY OF SALES & EARNINGS
First Quarter — 2022
(Unaudited)
	13 Weeks Ended										Increase
	March 26, 2022					March 27, 2021					(Decrease)
Net sales	$		1,104,069,000			$		1,006,340,000			9.7	%
Income from operations			41,414,000					31,834,000			30.1	%
Income before provision for income taxes	$		42,038,000			$		32,670,000			28.7	%
Provision for income taxes			10,649,000					8,415,000			26.5	%
Net income	$		31,389,000			$		24,255,000			29.4	%
Weighted-average shares outstanding			26,898,443					26,898,443			—
Basic and diluted earnings per share	$		1.17			$		0.90		$	0.27

 

TWO-YEAR STACKED COMPARABLE STORE SALES
First Quarter — 2022
(Unaudited)
		Percentage Changes
		13 Weeks Ended
			2022 vs. 2021			2021 vs. 2020
Comparable store sales (individual year)			9.4	%		1.4	%
Comparable store sales (two-year stacked)			10.8
Comparable store sales, excluding fuel (individual year)			7.6			1.1	%
Comparable store sales, excluding fuel (two-year stacked)			8.7	%

 

 

 

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SOURCE Weis Markets

FAQ

What were Weis Markets' comparable store sales for Q1 2022?

Weis Markets reported a 9.4% increase in comparable store sales for Q1 2022.

How much did Weis Markets earn in net income for Q1 2022?

Weis Markets reported a net income of $31.4 million for Q1 2022.

What was the earnings per share for Weis Markets in Q1 2022?

The earnings per share for Weis Markets in Q1 2022 was $1.17.

What are the total net sales reported by Weis Markets for Q1 2022?

Weis Markets reported total net sales of $1.1 billion for Q1 2022.

How did Weis Markets manage expenses amid inflation in Q1 2022?

Weis Markets effectively managed expenses while maintaining stable gross profit margins during inflation in Q1 2022.